Solar Panel Cost Guide in Wakefield, MA (2024 Update)
- Wakefield Solar Installation Cost: $12,674
- 25-Year Savings: $15,134
- Payback Period: 13.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Wakefield
We go over average solar pricing in Wakefield.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Wakefield, the average cost of a solar system is 4 per watt.Since a 4.5-kW system is needed to cover the energy usage of a typical home in Wakefield, the average price of going solar will be about $12,674 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy use, the type of equipment you want, your solar contractor and more.With average savings of about $21,000 on power bills over 20 years, many homeowners in Wakefield find investing in solar can pay off big.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Wakefield
| Year | Return on Investment |
|---|---|
| 1 years | $-10,950 |
| 3 years | $-7,503 |
| 5 years | $-4,057 |
| 7 years | $-610 |
| 9 years | $2,837 |
| 11 years | $6,284 |
| 13 years | $9,731 |
| 15 years | $13,178 |
| 17 years | $16,625 |
| 19 years | $20,072 |
| 21 years | $23,518 |
| 23 years | $26,965 |
| 25 years | $30,412 |
Top Solar Installers in Wakefield
Although you can install solar panels yourself, it takes extra labor and know-how. For that reason, most people choose a solar panel installer. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance in the long run.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Wakefield
Factors that Affect Solar Panel Costs in Wakefield
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few key factors that determine your overall cost in Wakefield: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $4,060. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are provided by most installers in Wakefield, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable.Even though solar loans make switching to solar energy more accessible for Wakefield homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you choose to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Wakefield, and each can charge varying amounts for labor and equipment.Additionally, some companies in Wakefield have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.22 | $17,734 | $14,976 | 13.6 years |
| 8 kW | $4.14 | $23,191 | $20,423 | 13.3 years |
| 10 kW | $4.06 | $28,420 | $26,097 | 13.0 years |
| 12 kW | $3.98 | $33,422 | $31,998 | 12.8 years |
| 14 kW | $3.90 | $38,196 | $38,127 | 12.5 years |
| 16 kW | $3.82 | $42,744 | $44,483 | 12.3 years |
| 18 kW | $3.74 | $47,064 | $51,067 | 12.0 years |
| 20 kW | $3.65 | $51,156 | $57,878 | 11.7 years |
How to Save on Solar Panels
The solar company you go with will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, including:
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: The brand of solar panel you want to install plays a part in which company you should opt for, since different companies have access to different panels.
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Wakefield, MA Solar Cost FAQs
How much does it cost to install solar panels in Wakefield?
This is a tough question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Wakefield?
Leasing solar panels can be an attractive choice, because it often comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Do solar panels increase your property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Wakefield is currently $733,637, which means you can look forward to a value of about $30,079 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Wakefield is a worthwhile investment.
How long do solar panels last in Wakefield?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.